Affirm initiated with an Outperform at BMO Capital

As previously reported, BMO Capital analyst Andrew Bauch initiated coverage of Affirm (AFRM) with an Outperform rating and $75 price target Rather than remaining a niche BNPL upstart, the firm thinks Affirm has “earned an Emerging Payments Network distinction,” says the analyst, whose “medium- and long-term bias is decidedly higher.” Early results from Affirm Card have been “impressive” and justify the company’s payments network claim, the analyst tells investors.